Bank of Thailand Joins Singapore and Malaysia in Cross-Border Digital Money Initiative
The Bank of Thailand and Bank Negara Malaysia have joined Singapore’s BLOOM initiative for cross-border payments and settlement using tokenised deposits and regulated stablecoins.
The Bank of Thailand has joined Singapore and Malaysia in the BLOOM initiative, which aims to develop common approaches for cross-border payments and settlement using digital money. The initiative, led by regulators and industry participants, will focus on interoperability, contractual arrangements, and programmable compliance controls.
The Bank of Thailand's deputy governor for payment systems stability and financial services supervision, Daranee Saeju, emphasized that participation would help inform regulatory approaches to tokenised money and ensure prudent oversight. The BLOOM initiative, which covers tokenised deposits and regulated stablecoins, seeks to coordinate arrangements as institutions develop various digital money systems for payments, treasury, and trade finance.
The work will focus on acceptance and settlement, interoperability, and programmable controls. Participants include financial institutions, payment networks, technology providers, and the World Bank Group.
Written by urgent.news from Thailand Business News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
